5,676 Shares in Granite Construction Incorporated $GVA Purchased by Neo Ivy Capital Management

Neo Ivy Capital Management purchased a new position in Granite Construction Incorporated (NYSE:GVA) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 5,676 shares of the construction company’s stock, valued at approximately $622,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Granite Construction in the 2nd quarter worth approximately $24,812,000. Squarepoint Ops LLC raised its holdings in shares of Granite Construction by 241.7% in the 2nd quarter. Squarepoint Ops LLC now owns 305,013 shares of the construction company’s stock worth $28,522,000 after purchasing an additional 215,752 shares in the last quarter. Hood River Capital Management LLC lifted its stake in Granite Construction by 36.6% during the second quarter. Hood River Capital Management LLC now owns 647,093 shares of the construction company’s stock valued at $60,510,000 after purchasing an additional 173,237 shares during the last quarter. Frontier Capital Management Co. LLC lifted its stake in Granite Construction by 14.3% during the second quarter. Frontier Capital Management Co. LLC now owns 1,370,029 shares of the construction company’s stock valued at $128,111,000 after purchasing an additional 171,904 shares during the last quarter. Finally, Jupiter Asset Management Ltd. boosted its holdings in Granite Construction by 282.0% during the third quarter. Jupiter Asset Management Ltd. now owns 218,836 shares of the construction company’s stock worth $23,995,000 after buying an additional 161,554 shares in the last quarter.

Granite Construction Stock Down 2.4%

GVA stock opened at $123.67 on Friday. Granite Construction Incorporated has a 52-week low of $69.08 and a 52-week high of $137.24. The company’s 50 day simple moving average is $125.51 and its 200-day simple moving average is $113.95. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.22 and a quick ratio of 1.13. The firm has a market capitalization of $5.38 billion, a P/E ratio of 33.79 and a beta of 1.30.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Thursday, February 12th. The construction company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.34 by $0.06. Granite Construction had a net margin of 4.36% and a return on equity of 24.10%. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm earned $1.23 EPS. The firm’s quarterly revenue was up 19.2% on a year-over-year basis. As a group, equities research analysts anticipate that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $0.13 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. Granite Construction’s dividend payout ratio is presently 14.21%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 28th. Zacks Research upgraded Granite Construction from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. DA Davidson raised their price objective on Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Wall Street Zen upgraded Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Granite Construction in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Granite Construction has a consensus rating of “Moderate Buy” and a consensus price target of $139.50.

About Granite Construction

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.